Re: Reduce your limit?

FutureBillionaire wrote:

Hmm. I also worry about some creditors saying that I have too much available credit.

Well, the notable one for that is Penfed, and you already have their cards! Another time to reduce CL is if you want another card with that issuer but feel that the combined limit will be too much, but often there you can transfer some CL to the new card. So I guess another vote for "Don't!"

Re: Reduce your limit?

I appreciate all the feedback. I probably won't get any bigger limits with Discover anytime soon, but I have enough credit on the cards that I use most. It just stinks to have my highest limit on a card that I don't even carry anymore.

Re: Reduce your limit?

I want to lower my store cards down a bit(maybe 5-6K a piece) and I changed my BoA card to a sig visa so it doesn't report the limit. I am now approaching 3x my reported income in revolving credit lol. I fear a mortgage/auto lender will be like **bleep** dude? Also, I plan on getting in with Penfed sometime in the near future. So yes, I believe reducing your CL may be called for in some rare situations. Overall utilization, is obviously not a factor at this point.

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IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.